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Keyword: oil

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  • Crude by rail receipts continue to be an important source of supply for West Coast refiners

    05/29/2015 6:11:44 AM PDT · by thackney · 2 replies
    Energy Information Administration ^ | May 28, 2015 | Energy Information Administration
    This Week in Petroleum has previously examined crude oil supply patterns on the West Coast, noting the increase in unaccounted-for supply, and then linking the increase to movements of crude by railroad. EIAís recently launched crude-by-rail data enable a more detailed analysis of emerging crude oil supply patterns on the West Coast. The data indicate that most crude-by-rail deliveries into PADD 5 are destined for refineries in Washington state, and that despite recent delays in crude-by-rail projects in California, refineries in the San Francisco and Los Angeles areas are not entirely without access to domestic crude oil from other regions....
  • OPEC Concedes Defeat In Anti-Shale Oil War with U.S.

    05/29/2015 4:46:45 AM PDT · by bestintxas · 22 replies
    breitbart ^ | 5/28/15 | c street
    OPECís attempt to over-produce crude oil for export to crush prices and bankrupt the American shale-fracking oil boom has failed, according to a draft OPEC long-term strategy report seen by Reuters ahead of the cartelís policy meeting in Vienna on June 1st. The report forecasts that crude supply from rival non-OPEC producers, led by the U.S., ďwill grow until at least 2017.Ē ďSince June 2014, oil prices have experienced a significant reduction, reaching levels even lower than the crisis experienced in 2008, yet non-OPEC supply is still showing some growth,Ē the OPEC report said. Flat-to-down worldwide demand for oil means...
  • Texas About to Set 12-Month Crude Oil Production Record

    05/29/2015 4:40:42 AM PDT · by bestintxas · 2 replies
    am thinker ^ | 5/29/15 | s rayne
    Last June, AT predicted ďTexas will hit a monthly production level of 3.45 million barrels per day [MMbpd] by December 2014, meaning that 2015 will set a new annualized production record for the state.Ē According to the U.S. Energy Information Administration, field production of crude oil in Texas hit 3.49 MMbpd in December -- right on the projection. The latest data has March production at 3.68 MMbpd and still rising. The 12-month record for Texas oil production was set in 1972 at 3.45 MMbpd. The last 12 months has seen Texas average 3.34 MMbpd. Even if production stabilizes -- or...
  • Saudi Arabia solar power exports Ďabsolutely realisticí

    05/28/2015 3:18:23 PM PDT · by ckilmer · 11 replies
    rtcc.org ^ | 28 May 2015, 4:47 pm | Ed King
    Saudi Arabia solar power exports ‚Äėabsolutely realistic‚Äô Last updated on 28 May 2015, 4:47 pm Desert state has abundance of sunshine and could produce more than it consumes, says power company boss(Pic: Activ Solar/Flickr) By Ed KingHopes that Saudi Arabia, the world‚Äôs top crude oil producer, could soon become a top solar energy exporter are well founded, according the head of one of the country‚Äôs leading power firms.‚ÄúSaudi could be a solar exporter ‚Äď I think it‚Äôs absolutely realistic and it‚Äôs going to happen,‚ÄĚ said Paddy Padmanathan, CEO of ACWA Power, which runs a portfolio of solar, coal, gas...
  • The Oil Glut is Not Real

    05/27/2015 11:37:06 AM PDT · by bananaman22 · 5 replies
    Oilprice.com ^ | 27-05-22015 | No Glut
    As it appears GDP will be seasonally adjusted again, I find myself wondering just one thing: why? Earlier GDP figures showed the US economy on the brink of recession for the first two quarters of this year. Now, with more fudging going on, who knows what it will show. The government appears to be following the Hollywood mantra: if you can bend perception enough, it will become reality. Look no further than the Federal Reserve, which continues to raise expectations of higher interest rates in the second half of this year, in hopes of inducing faster growth.
  • California oil spill company slightly downgrades size of pipeline leak

    05/27/2015 4:10:45 AM PDT · by thackney · 8 replies
    The Guardian ^ | 5/25/2015 | AP
    Plains All American Pipeline, the company which owns the pipeline at the centre of an oil spill off the coast of California, on Monday downgraded the amount of oil it says spilled in a worst-case scenario. The company said the estimate of the worst-case volume of oil released was up to 101,000 gallons Ė about 4,200 gallons less than previously believed. Plains All American is still cleaning up the spill along the Santa Barbara County coastline and recovering oil from the pipeline, so the calculations are not final.
  • Technology for a Saudi fracking boom moves closer to reality

    05/27/2015 4:07:06 AM PDT · by thackney · 20 replies
    CNBC ^ | 5/26/2015 | Andrew Zaleski
    ...carbonite-formations, and no region has as much oil and gas trapped in carbonate-formations as the Middle East. Carbonates are areas of sedimentary rock-Limestone, for instanceóthat contain many natural cracks inside them. Carbonite-formations are estimated to hold 60 percent of the world's oil and 40 percent of the world's gas reserves. In the Middle East, roughly 70 percent of oil and 90 percent of gas reserves are trapped in the carbonite, according to oil services giant Schlumberger.... ...Saudia Arabia is fifth in the world when it comes to recoverable gas reserves. Much of that is in carbonate-formation. What Saudia Arabia doesn't...
  • Dallas Fed: Texas manufacturers slumped to Great Recession-level output in May

    05/27/2015 3:57:44 AM PDT · by thackney · 7 replies
    Fuel Fix ^ | May 26, 2015 | Collin Eaton
    The Dallas Fed says factories churning out equipment and products in Texas slowed their output this month to levels unseen since 2009 when the nation was still mired in a recession. Texas manufacturing activity in May edged lower for the third month in a row as the effects of the oil slump continued to ripple through the state. About 28 percent of the stateís manufacturers reported a slowdown, according to the Federal Reserve Bank of Dallasí monthly survey on Tuesday. ďWe are seeing all industries hold cash,Ē a fabricated metal manufacturing executive said in the survey. Others said refineries are...
  • Top 4 Oil Companies For Dividend Investors

    05/26/2015 1:52:29 PM PDT · by bananaman22 · 6 replies
    Oilprice.com ^ | 26-05-2015 | chase
    Investing in the energy industry right now can be scary. On the one hand, oil prices have been extremely volatile and look likely to stay that way. On the other hand, while clean energy, especially wind power, is growing rapidly, valuations are astronomical and, for income-focused investors there are few good options. With that in mind, investors looking for income in energy have little choice but to turn to the safest conventional energy play available; oil majors. Companies like ExxonMobil and Royal Dutch Shell have been around for decades, so regardless of what happens to oil prices, these firms have...
  • Oil-patch women say energy industry is safe place with opportunities(Antfrac group says no)

    05/25/2015 3:05:38 PM PDT · by bestintxas · 8 replies
    foxnews ^ | 5/25/15 | r port
    <p>Judging by its critics, the energy industry Ė and specifically the oil and gas industry in North Dakota Ė isnít female-friendly. Yet women who live and work in the oil patch say the energy industry isnít just a safe place for women, but that there are plenty of opportunities for everybody.</p>
  • Oil Markets Canít Ignore The Fundamentals Forever

    05/25/2015 11:59:22 AM PDT · by bananaman22 · 18 replies
    Oilprice.com ^ | 25-5-2015 | Arthur
    Storage withdrawals and falling rig count have been the main sources of hope that U.S. tight oil production will fall and that oil prices will rebound. That hope is fading as it is now clear that recent withdrawals from U.S. crude oil storage are because of price, not falling supply, and that the drop in rig count has stalled. Figure 1 below shows the relationship between U.S. crude oil storage inventory and WTI price. The thinking around recent withdrawals from storage is that this reflects depleting supply. The data, however, reflects that traders were storing crude oil during the price...
  • Saudi oil minister: 'Fossil fuels doomed, we're switching to solar'

    05/24/2015 9:56:56 PM PDT · by Vince Ferrer · 51 replies
    Herald Sun ^ | May 22, 2015 | JOHN CONROY
    Saudi Arabia's oil minister has said the country will switch its energy focus to solar power as the nation envisages an end to fossil fuels, possibly around 2040-2050, Reuters reports. "In Saudi Arabia, we recognise that eventually, one of these days, we are not going to need fossil fuels, I don't know when, in 2040, 2050... so we have embarked on a program to develop solar energy," Ali Al-Naimi told a business and climate conference in Paris, the news service reports. "Hopefully, one of these days, instead of exporting fossil fuels, we will be exporting gigawatts, electric ones. Does that...
  • Why many experts missed this: Cheap oil can hurt US economy

    05/23/2015 7:20:57 AM PDT · by dila813 · 32 replies
    Yahoo ^ | Today | CHRISTOPHER S. RUGABER
    WASHINGTON (AP) ó If there was one thing most economists agreed on at the start of the year, it was this: Plunging oil prices would boost the U.S. economy. It hasn't worked out that way. The economy is thought to have shrunk in the January-March quarter and may barely grow for the first half of 2015 ó thanks in part to sharp cuts in energy drilling. And despite their savings at the gas pump, consumers have slowed rather than increased their spending.
  • Controversy over Ďglobal warmingí in Wyoming school curriculum

    05/23/2015 6:08:31 AM PDT · by george76 · 40 replies
    Eagle News ^ | May 22, 2015 | Victor Skinner
    The proposed adoption of $300,000 worth of reading materials for Cody, Wyoming students stalled this week amid criticisms about the curriculumís ďvery liberal, very slanted view of the world.Ē School board and community members spoke out against a slate of proposed materials for K-12 students that cover topics like global warming, evolution and race. The materials are published by education giant Pearson and Boston publisher Houghton Mifflin Harcourt ... that aligns with the national Common Core standards. But many in the community are concerned about how the texts address issues like global warming, which is treated as settled science ......
  • Obama to issue flurry of energy regulations this summer

    05/22/2015 10:09:46 AM PDT · by jazusamo · 23 replies
    The Hill ^ | May 22, 2015 | Timothy Cama
    This summer will be busy for the Obama administrationís energy and environmental regulators, with numerous high-profile rule releases planned. Between June and August, regulators hope to fill out the Obama administrationís agenda with major rules on greenhouse gases, the oil and natural gas sectors, coal production, and other policy priorities, according to a rule-making schedule released by the White House late Thursday. The administrationís main climate change rule from the Environmental Protection Agency, which would slash greenhouse gases in the power sector by 30 percent, is due out in August. That aligns with the timeline EPA officials, including Administrator Gina...
  • Cheaper oil isn't such a benefit for US economy anymore as pullbacks in drilling cause damage

    05/22/2015 10:10:17 AM PDT · by thackney · 84 replies
    AP via Calgary Herald ^ | 05.19.2015 | CHRISTOPHER S. RUGABER
    Full Title: Cheaper oil isn't such a benefit for US economy anymore as pullbacks in drilling cause damage If there was one thing most economists agreed on at the start of the year, it was this: Plunging oil prices would boost the U.S. economy. It hasn't worked out that way. The economy is thought to have shrunk in the January-March quarter and may barely grow for the first half of 2015 ó thanks in part to sharp cuts in energy drilling. And despite their savings at the gas pump, consumers have slowed rather than increased their spending.... So what did...
  • Letter presses feds to keep mine open ( Colorado)

    05/22/2015 8:24:53 AM PDT · by george76 · 6 replies
    Grand Junction Media ^ | May 21, 2015 | Gary Harmon
    The U.S. Department of the Interior should do all it can to keep open the Colowyo coal mine in northwest Colorado, U.S. Rep. Scott Tipton and Sen. Cory Gardner, both Colorado Republicans, said in a letter to Interior Secretary Sally Jewell. ... Colowyo Mine employs 220 people in Moffat and Rio Blanco counties and has a payroll of about $20 million, Tipton wrote to Jewell, asking that Interior react quickly to a federal court ruling that could force closure of the mine. ďThe adverse effects of shutting down this mine go beyond the jobs at the mine that would be...
  • OPEC Struggling To Keep Up The Pace In Oil Price War

    05/21/2015 1:39:25 PM PDT · by bananaman22 · 4 replies
    Oilprice.com ^ | 21-05-2015 | Leonard Brecken
    Some market watchers, such as Cornerstone Analytics (CA), have consistently stated that the underestimation of demand, coupled with over-estimation of supply, will mask the growing call on OPEC oil in the second half of this year. CA recently noted that global demand outstripped supply by some 4 million barrels in April . This comes in addition to the mounting evidence that the oil market, via rig count declines, slowing production growth, higher demand and huge API crude inventory declines, is starting to readjust. Be that as it may, Goldman Sachs (GS) seems to believe oil must fall to $45 by...
  • Series of oil spill settlements include BP, Halliburton, Transocean, numerous plaintiffs

    05/20/2015 6:25:28 PM PDT · by Oliviaforever · 1 replies
    Fox News ^ | 5/20/15
    NEW ORLEANS Ė A committee of lawyers representing businesses and individuals claiming damages from the 2010 Gulf of Mexico oil spill announced a $211 million settlement Wednesday with Transocean Ltd., owner of the ill-fated Deepwater Horizon drilling rig.
  • Goldman Sachs Predicting $45 Oil By October

    05/20/2015 11:34:40 AM PDT · by bananaman22 · 8 replies
    Oilprice.com ^ | 20-05-2015 | pricingpoints
    Could oil prices be in for yet another decline? Oil prices have rebounded with surprising speed in recent weeks, with WTI prices bouncing by more than a third from March lows. There are good reasons for this. Rig counts are down by nearly 1,000 (or nearly 60 percent) since hitting a high in October 2014. Spending on some of the worldís largest projects has been cut by a combined $129 billion, a figure that could balloon to $200 billion by 2016. The spending and drilling contraction is finally leading to some small production declines.
  • Wood Mackenzie: Bakken, Eagle Ford Not Past Prime

    05/20/2015 4:41:46 AM PDT · by thackney · 4 replies
    Rig Zone ^ | May 19, 2015 | Karen Boman
    Bakken production will keep growing, albeit at a slower pace, and the Eagle Ford still has running room within high-return portions of the play, according to a recent analysis by Wood Mackenzie. The Bakken and Eagle Ford together produce just over 2.5 million barrels per day of oil, or nearly two-thirds of U.S. tight oil production. Higher oil prices in the 2013 to 2014 timeframe spurred operators to drill not only in the core of the Williston Basin, but in the fringe and speculative areas. This included areas along the Montana-North Dakota border, the northern most part of the play...
  • Flood of New Cash Sustains US Oil Firms; Energy Dealmakers Gripe

    05/20/2015 4:39:29 AM PDT · by thackney · 10 replies
    Reuters via Rig Zone ^ | May 20, 2015 | Anna Driver & Terry Wade
    U.S. oil companies, still smarting from the crude price rout, are attracting a wave of new investment from unlikely sources - hedge funds and private equity firms flocking to the energy market for the first time to bet on a rebound. By pouring billions of dollars into energy shares and bonds in the past few months these newcomers, dubbed "energy tourists" by Houston's seasoned dealmakers, have thrown a lifeline to scores of companies that a few months ago looked like potential targets for bigger rivals or distressed debt and restructuring specialists. "You've got generalist funds that have never invested in...
  • Oil pipeline spills off California coast

    05/20/2015 4:32:11 AM PDT · by thackney · 8 replies
    Fuel Fix ^ | May 19, 2015 | Associated Press
    An estimated 21,000 gallons of oil dumped into the ocean from a broken pipeline just off the central California coast before it was shut off on Tuesday, creating a spill stretching about 4 miles along the beach, the U.S. Coast Guard said. Santa Barbara County health officials have shut down Refugio State Beach, the central site of the spill, though many had abandoned the site already because of the foul smell. That smell brought county firefighters to the beach earlier in the day to discover the spill. ďThey found about a half-mile slick of dark, black crude oil in the...
  • Fossil Fuel Investments Yield Big Returns for State Pension Funds

    05/19/2015 2:09:00 PM PDT · by MichCapCon · 3 replies
    Michigan Capitol Confidential ^ | 5/15/2015 | Tom Gantert
    The oil and gas industry has been one of the better investments made by Michiganís two largest government employee pension funds, according to a recent report by Sonecon LLC, a Washington D.C. economic advisory firm. The report examined the combined investment returns of Michigan's separate pension funds for school and state employees. Together, their investments in oil and natural gas companies gave a rate of return that was 37 percentage points higher than the return on all of their investments. Oil and gas investments outpaced investments in other industries by 43 percentage points. Due to chronic underfunding, both pension funds...
  • Transocean idles three more rigs amid crude slump

    05/19/2015 9:10:37 AM PDT · by thackney · 27 replies
    Fuel Fix ^ | May 19, 2015 | Collin Eaton
    Offshore driller Transocean has idled three more deep water rigs, bringing its number of out-of-work units to 15, it said Monday, as the oil slump continued to hammer the drilling market. The Swiss rig contractor with corporate offices in Houston has idled 10 rigs and stacked five others, and it has said it plans to sell 19 units for scrap. Idle rigs are between contracts; stacked machines are shut down for longer periods, and scrapped rigs are torn apart for their steel hides. Transocean owns or has a stake in 65 offshore rigs around the world. The three Transocean rigs...
  • Oil Prices Decline as Dollar Strengthens

    05/19/2015 5:56:00 AM PDT · by thackney · 19 replies
    Fox Business ^ | May 19, 2015 | Dow Jones Newswires
    Oil prices declined on Tuesday, losing value as the strength of the dollar dissuaded buyers. The dollar gained versus the euro after a senior official at the European Central Bank said the institution would " front-load" its bond-buying program, snapping up more eurozone sovereign debt in May and June to avoid having to buy large volumes during the summer lull in July and August. A stronger dollar makes oil more expensive for buyers holding other currencies. The Wall Street Journal Dollar Index, which tracks the dollar against a basket of other major currencies, rose 0.5%. Brent crude for July delivery...
  • The climate nightmare we arenít taking seriously enough: President Scott Walker

    05/18/2015 1:27:33 PM PDT · by Cincinatus' Wife · 62 replies
    Salon ^ | May 18, 2015 | Jeff Stein, a recent Cornell graduate and the editor of the Ithaca Voice.
    Imagine, for just a moment, the following scenario: The year is 2019 ó two years into the first term of President Scott Walker. The Royal Dutch Shell corporation proposes a massive expansion of its existing drilling operation in the Arctic Ocean. Shell officials note that there have been no major accidents since their first exploratory wells became operational, and that doing so will provide a big boost to an American economy sliding into recession. President Walker, whose base is furious that he has only eliminated half of all federal food stamp and welfare programs, jumps into action. He orders Interior...
  • 'Eternal flames' of ancient times could spark interest of modern geologists

    05/18/2015 11:51:28 AM PDT · by Red Badger · 15 replies
    Phys.Org ^ | 05-18-2015 | Provided by Springer
    Seeps from which gas and oil escape were formative to many ancient cultures and societies. They gave rise to legends surrounding the Delphi Oracle, Chimaera fires and "eternal flames" that were central to ancient religious practices - from Indonesia and Iran to Italy and Azerbaijan. Modern geologists and oil and gas explorers can learn much by delving into the geomythological stories about the religious and social practices of the Ancient World, writes Guiseppe Etiope of the National Institute of Geophysics and Volcanology in Italy. His research is published in the new Springer book Natural Gas Seepage. "Knowing present-day gas fluxes...
  • Big Oil May Be Caught Off-Guard By Wave Of Retirement

    05/18/2015 11:12:48 AM PDT · by bananaman22 · 19 replies
    Oilprice.com ^ | 18-05-2015 | Oil Jobs
    While we constantly analyze short-term data, the industry has a longer-term problem. And it is not related to what lies below the ground. There is a retirement tidal wave that could wash over the oil and gas industry over the next few years. The seeds of this crisis were planted in the late 1980ís after the last major oil bust. Oil prices crashed after Saudi Arabia became fed up with losing market share, and beginning around 1986, it pumped flat out in order to force out other producers. The price of oil crashed and a lot of US drillers cut...
  • Fossil fuels subsidised by $10m every minute, says IMF

    05/18/2015 9:09:02 AM PDT · by kingu · 20 replies
    Guardian UK ^ | Monday 18 May 2015 09.30 EDT | Damian Carrington
    Fossil fuel companies are benefitting from global subsidies of $5.3tn (£3.4tn) a year, equivalent to $10m every minute of every day, according to a startling new estimate by the International Monetary Fund. The IMF calls the revelation ďshockingĒ and says the figure is an ďextremely robustĒ estimate of the true cost of fossil fuels. The $5.3tn subsidy estimated for 2015 is greater than the total health spending of all the worldís governments. The vast sum is largely due to polluters not paying the costs imposed on governments by the burning of coal, oil and gas. These include the harm caused...
  • The Death of the Green Energy Movement

    05/17/2015 8:56:44 PM PDT · by iowamark · 19 replies
    The Daily Signal ^ | May 08, 2015 | Stephen Moore
    The green energy movement in America is dead. May it rest in peace. No, a majority of American energy over the next 20 years is not going to come from windmills and solar panels. One important lesson to be learned from the green energy fadís rapid and expensive demise is that central planning doesnít work. What crushed green energy was the boom in shale oil and gas along with the steep decline in the price of fossil fuel that few saw coming just a few years ago. A new International Energy Agency report concedes that green energy is in fast...
  • Sen. John McCain: Pentagon in 'denial' of Ramadi reality

    04/18/2015 8:46:32 AM PDT · by MinorityRepublican · 10 replies
    CNN ^ | April 17, 2015 | Jamie Crawford,
    Senior Republican Sen. John McCain blasted Pentagon officials on Friday for dramatically downplaying the role of Ramadi as the key Iraqi city stood on the brink of being taken over by ISIS. "Disregarding the strategic importance of Ramadi is a denial of reality and an insult to the families of hundreds of brave young Americans who were killed and wounded during the Surge fighting to free Ramadi from the grip of Al-Qaeda," McCain, chairman of the Senate Armed Services Committee, said in a written statement released by his office, which was later joined onto by Repbulican Sen. Lindsey Graham. McCain,...
  • Promoters of renewable energy failed to account for the return of cheap oil

    05/15/2015 2:15:38 PM PDT · by Cry if I Wanna · 23 replies
    The Washington Times ^ | May 10, 2015 | Stephen Moore
    The green energy movement in America is dead. May it rest in peace. No, a majority of American energy over the next 20 years is not going to come from windmills and solar panels. One important lesson to be learned from the green energy fadís rapid and expensive demise is that central planning doesnít work. What crushed green energy was the boom in shale oil and gas along with the steep decline in the price of fossil fuel that few saw coming just a few years ago.
  • Iran Accuses Oil Tanker Of Hit-And-Run In The Persian Gulf

    05/15/2015 11:00:13 AM PDT · by thackney · 4 replies
    Oil Pro ^ | 5/15/2015 | Jeff Reed
    On Thursday, Iranian boats fired shots across the bow of the Singapore-flagged oil tanker, Alpine Eternity, in the Persian Gulf in an attempt to stop the ship. Both US and Iranian sources say the reason for this action was an apparent attempt to disable the oil tanker over a financial row over damage to an Iranian oil platform. The US official told the AP that the Alpine Eternity is involved in a financial dispute with Iran. On March 22, the said tanker accidentally struck and damaged an Iranian oil platform. The tanker was also damaged in the incident and went...
  • Shale tech could squeeze 141 billion barrels from oil fields outside the US

    05/15/2015 10:14:51 AM PDT · by thackney · 15 replies
    Fuel Fix ^ | May 14, 2015 | Collin Eaton
    Adapting the technology that powered the shale oil boom in Texas to the deserts of Saudi Arabia and elsewhere could produce 141 billion barrels of crude, research firm IHS said Thursday. Horizontal drilling and hydraulic fracturing, alongside other technological breakthroughs in recent years, could pump that much oil out of 170 older, largely unproductive fields around the world, from the Middle East to Latin America to Russia. In its initial assessment, IHS found 96 percent of the oil that could be recovered from those fields would have to be released using hydraulic fracturing, a process of blasting water, sand and...
  • Seattle, Like It or Not, Becomes Shell's Arctic Base

    05/14/2015 2:44:36 PM PDT · by Oldeconomybuyer · 23 replies
    ABC News ^ | May 14, 2015 | By PHUONG LE
    The arrival in Seattle Thursday of an oil rig Royal Dutch Shell is outfitting for oil exploration in the remote Arctic Ocean marks a pivotal moment for an environmental movement increasingly mobilized around climate change. Activists paddling out in kayaks to meet the rig off Seattle's picturesque waterfront said it's their moment to stand against opening a new frontier of fossil fuel exploration. "Unless people get out there and put themselves on the front lines and say enough is enough, than nothing will ever change," said Jordan Van Voast, 55, an acupuncturist who was going out on the water to...
  • U.S. Could Go All Out On Offshore Exploration

    05/14/2015 12:06:16 PM PDT · by bananaman22 · 3 replies
    Oilprice.com ^ | 14-05-2015 | Drillbit
    For project developers seeking the next big petro-play, some key news this week. With lawmakers in America moving to open one of the biggest swaths of new acreage in the history of the industry. On Tuesday, the U.S. senate introduced three bills to expand areas accessible for oil and gas drilling -- targeting the eastern Gulf of Mexico, Atlantic Ocean, and the Arctic. The Gulf of Mexico acreage would be the nearest play at hand. With this week's bill contemplating allowing drilling in this area as early as 2017.
  • Exxon Mobil is no longer the world's largest oil company

    05/14/2015 8:32:41 AM PDT · by SeekAndFind · 1 replies
    Business Insider ^ | 05/14/2015 | JOHN MANFREDA, OILPRICE.COM
    PetroChina just surpassed Exxon Mobil to become the largest energy company in the world, on a market cap basis. PetroChina was able to accomplish this despite Exxonís growth of 1.5 billion barrels of oil equivalent (BOE) in reserves. These new reserves are located at the Permian Basin in West Texas and the Kearl Oil Sands project in Canada. PetroChinaís primary operations are located in China. This may not seem like a major oil hub to the average investor, but China is actually the 5th largest oil producing country in the world. Now the question becomes: can PetroChina retain its status...
  • Documents show FBI illegally spied on Houston Keystone activists

    05/14/2015 5:29:18 AM PDT · by thackney · 11 replies
    Fuel Fix ^ | May 13, 2015 | Dylan Baddour
    FBI documents obtained by the Guardian and Earth Island Journal show the bureau colluded with an oil company and illegally spied on environmental activists in Houston. The Guardian reports the FBIís Houston division closely monitored groups that oppose the Keystone-XL pipeline, cultivated informants in activist groups, and shared intelligence with TransCanada, the company building the pipeline. Furthermore, the investigations violated FBI policy because agents failed to get prior legal approval to begin monitoring the activists. In an interview with the Guardian, the bureau admitted the error. The documents, about 80 pages obtained through a Freedom of Information Act request, show...
  • Battered US Oil Firms Scramble to Delay Looming Retirement Wave

    05/14/2015 4:49:52 AM PDT · by thackney · 3 replies
    Rig Zone ^ | May 14, 2015 | Edward McAllister
    After 20 years in the oil business, Craig Reed, 62, is thinking about winding down his career just as a second downturn in six years rocks the industry. Reed is part of the baby boomer generation that forms the backbone of the U.S. oil workforce and now weighs retirement as energy firms cut spending and shelve projects. That is a worrying prospect for company executives keen to keep their most experienced workers while they ride out the oil market slump. "Between the politics and uncertainty and cost cutting, a lot of people of my age are saying that it isn't...
  • Shale-Oil Producers Ready to Raise Production

    05/13/2015 3:38:49 PM PDT · by abb · 7 replies
    The Wall Street Journal ^ | May 13, 2015 | Georgi Kantchev and Bill Spindle
    After slashing production for months, U.S. shale-oil companies say they are ready to bring rigs back into service, setting up the first big test of their ability to quickly react to rising crude prices. Last week, EOG Resources Inc. said it would ramp up output if U.S. prices hold at recent levels, while Occidental Petroleum Corp. boosted planned production for the year. Other drillers said they would open the taps if U.S. benchmark West Texas Intermediate reaches $70 a barrel. WTI settled at $60.50 Wednesday, while global benchmark Brent settled at $66.81. An increase in U.S. production, coupled with rising...
  • Saudi Arabia Continues To Turn Screws On U.S. Shale

    05/13/2015 11:50:03 AM PDT · by Opintel · 16 replies
    Oilprice.com ^ | 13-05-2015 | ShaleDefender
    Saudi Arabia continues to ratchet up production, taking market share away from U.S. shale producers. According to OPECís latest monthly oil report, Saudi Arabia boosted its oil output to 10.31 million barrels per day in April, a slight increase over the previous monthís total of 10.29 million barrels. That was enough for the de facto OPEC leader to claim its highest oil production level in more than three decades. Saudi Arabia has increased production by 700,000 barrels per day since the fourth quarter of 2014 in an effort maintain market share. The resulting crash in oil prices is forcing some...
  • Deepwater Drilling To Resume In Macondo Reservoir

    05/13/2015 10:17:00 AM PDT · by thackney · 8 replies
    Oil Pro ^ | 5/13/2015 | Luke Hale
    According to US federal records reviewed by the Associated Press, Louisiana-based LLOG Exploration Offshore plans to engage in deepwater drilling in the Macondo reservoir. The AP says Harper's Magazine first reported the drilling plans late Tuesday. The BSEE green-lighted LLOG's permit to drill a new well near the Macondo site on April 13. Last October, the company's exploration plan was approved after the conclusion of an environmental review conducted by the BOEM. Referring to the 2010 Macondo incident which occurred in the same reservoir, LLOG's vice president for deepwater projects, Rick Fowler, told the AP, "Our commitment is not to...
  • Low crude prices may thin, but not kill, US production, speakers say

    05/13/2015 5:42:31 AM PDT · by thackney · 5 replies
    Oil Gas Journal ^ | 05/12/2015 | Nick Snow
    Overseas competitors who were caught off-guard initially by rising US unconventional crude oil production have increased their own outputs now and can be expected to try and keep prices low to protect their global market shares, speakers at a May 12 Atlantic Council discussion said. That could make marginal US unconventional properties uneconomic, but wonít threaten the new US position as a major producing nation, they agreed. ďWeíre entering a phase when all the excess capacity will be resized to the new US world market share,Ē said Subash Chandra, managing director and senior equity analyst at Guggenheim Partners. ďI donít...
  • A Narrow Opening for Arctic Oil

    05/13/2015 5:30:40 AM PDT · by thackney · 3 replies
    New York Times ^ | MAY 12, 2015 | NYT EDITORIAL BOARD
    ...Shell acquired the lease for just over $2 billion in 2008, and, absent a very good reason, the government felt obliged to approve it. Shell will be bound by safeguards that did not exist seven years ago. Several factors ó including lawsuits and vigorous lobbying by environmental groups, widespread public dismay caused by the 2010 BP oil spill, and Shellís ineptitude in earlier trial runs ó have led the government to devise rules that are likely to make this project safer than it would have been. Shell is seeking to drill up to six exploratory wells in the Chukchi Sea...
  • Questions linger for ConocoPhillips on Arctic drilling program following Shellís OK

    05/13/2015 4:16:42 AM PDT · by thackney
    Fuel Fix ^ | May 12, 2015 | Robert Grattan
    ConocoPhillips CEO Ryan Lance said Tuesday that the Obama administrationís decision to allow a competitorís Arctic drilling program to move forward has provided some, but not all, of the clarifications they were looking in their own projects in the region. The U.S. government on Monday gave Shellís $6 billion plan to explore for crude oil in the northern Chukchi Sea a preliminary OK, reviving exploration plans that have faced significant political, engineering and cost challenges. Lance said that the go-ahead given to Shellís program has not resolved all of ConocoPhillipsí Arctic questions. ďA lot of the [regulations] are still subject...
  • EIA: U.S. shale production set to fall again in June

    05/12/2015 10:04:36 AM PDT · by thackney · 6 replies
    Fuel Fix ^ | May 12, 2015 | Collin Eaton
    U.S. shale production growth will fall 86,000 barrels per day next month, the U.S. Energy Information Administration estimated in its monthly report, more evidence the nationís oil boom is in decline. The EIAís monthly forecast is the second in a row to project an overall decline in domestic production growth, as diminishing output from older shale wells outpaces new gushers in the oil fields. Producers have sidelined about 941 oil-drilling rigs since October, and oil traders are starting to see signs the U.S. shale boom is weakening, which could signal the global glut in crude supplies will ease. Crude prices...
  • American Eagle Energy Becomes Fourth U.S. Bankruptcy Of The Oil Bust

    05/12/2015 4:46:11 AM PDT · by thackney · 16 replies
    Forbes ^ | 5/11/2015
    American Eagle Energy became the fourth U.S. energy producer to file for bankruptcy protection in the aftermath of the big drop in crude oil prices. The Colorado-based company that buys and develops oil wells in the Bakken oil fields of North Dakota and Montana filed for chapter 11 bankruptcy protection on Monday in Denverís bankruptcy court. American Eagle Energy, which recently missed an interest payment on its debt, listed assets of $222 million and liabilities of $215 million. Shares of American Eagle Energy traded for as much as $7.05 less than a year ago, reflecting the stunningly fast collapse of...
  • Shale oil output at Bakken and Eagle Ford starts a descent

    05/12/2015 4:37:48 AM PDT · by thackney · 31 replies
    Market Watch ^ | May 11, 2015 | Myra P. Saefong
    Oil production from the Bakken and Eagle Ford shale plays look like theyíve peaked and other shale plays may not be far behind. Oil production from seven major U.S. shale plays is expected to fall by a total of 86,000 barrels a day in June, according to a monthly report from the Energy Information Administration released Monday. The previous report released a month ago also showed a forecast for a fall of 57,000 barrels a day in May. Oil output at the Eagle Ford shale play in South Texas is forecast to see the biggest decline, down 47,000 barrels a...
  • OPEC Sees Oil Price Below $100 a Barrel in the Next Decade

    05/12/2015 4:25:20 AM PDT · by thackney · 7 replies
    Wall Street Journal ^ | May 11, 2015 | BENOőT FAUCON and SUMMER SAID
    The Organization of the Petroleum Exporting Countries doesnít see oil prices consistently trading at $100 a barrel again in the next decade, a pessimistic assessment that has the group considering the return of production limits to influence the market, according to people familiar with a recent strategy report. The report predicted that oil prices will be about $76 a barrel in 2025 in OPECís most optimistic scenario, the people said, a reflection of the cartelís worries that American competitors will be able to cope with low prices and keep pumping out supplies. It also contemplated situations where crude oil costs...